Comex Silver (SI)
With 4 hours MACD crossed below signal line, recovery from 15.76 should have completed at 16.78 already. Intraday bias is flipped back to the downside and further fall should be seen to 15.76 and possibly below to 15.185 resistance turned support. On the upside, though, above 16.785 will indicate that rebound from 15.76 is resuming. Also, this will argue that correction from 17.69 has completed and will bring retest of this high first.
In the bigger picture, whole medium term rise from 8.4 is still in progress and could probably continue towards next key resistance level at 19.55. Nevertheless, we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 12.435 support is needed to confirm that rise from 8.4 has completed. Otherwise, medium term outlook will be neutral at worst even in case of deep pullback.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
